BLOCKCHAIN TECHNOLOGY - TOWARDS A NEW REGULATORY FRAMEWORK FOR TOKENIZED SECURITIES

Authors

  • Edita Čulinović-Herc University of Rijeka, Faculty of Law
  • Antonija Zubović University of Rijeka, Faculty of Law
  • Morana Derenčinović Ruk Croatian Financial Services Supervisory Agency

DOI:

https://doi.org/10.30925/zpfsr.42.2.4

Keywords:

blockchain; distributed ledger technology; intangible securities; Capital Markets Act; tokenized securities; EU law.

Abstract

Blockchain technology, as a representative of distributed ledger technology is particularly suitable for storing and managing databases, including those relating to intangible securities, which are kept at the central depository of intangible securities. The paper fi rst presents components of legal regulation of intangible securities in Croatian law according to the Capital Market Act and its respective bye-laws. The peculiarities of blockchain technology as well as regulatory challenges and approaches for tokenized securities are then elaborated. Following the analysis of legal characteristics of tokenised securities and their comparison with the notion of transferable securities as defi ned in EU capital market law, in conclusion authors propose a regulatory approach for tokenized securities in Croatian law. 

Additional Files

Published

2022-02-16 — Updated on 2023-12-15

Versions

How to Cite

Čulinović-Herc, E., Zubović, A., & Derenčinović Ruk, M. (2023). BLOCKCHAIN TECHNOLOGY - TOWARDS A NEW REGULATORY FRAMEWORK FOR TOKENIZED SECURITIES. Collected Papers of the Law Faculty of the University of Rijeka, 42(2), 323–343. https://doi.org/10.30925/zpfsr.42.2.4 (Original work published February 16, 2022)

Issue

Vol. 42 No. 2 (2021): Collected papers of the Law Faculty of the University of Rijeka

Section

ARTICLES

License

Copyright (c) 2022 Edita Čulinović-Herc, Antonija Zubović, Morana Derenčinović Ruk

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